It wouldn’t be wrong to say that Terra Classic’s (LUNC) impressive market development in the past few days has caught attention. Especially among LUNC investors, there has been an increased hope for a potential rise in the crypto space.
After the notable market movement of LUNC, rumors about the altcoin, which has not been able to regain the all-time high (ATH) price level of $119.18 representing the LUNA 1.0 project and even come close to it, do not seem to settle down.
Amidst all the speculation and ideas surrounding LUNC, Rex Rexyz Harrison, a follower of Terra Classic, made a post on the X application to bring forth some important insights about LUNC’s price movements.
Rex’s commentary on LUNC was supported by the price chart of the token and other significant market and price variables. This opinion seemed supportive in revealing a detailed and concise explanation of Rex’s analysis. Rex’s idea of reducing LUNC’s supply by over 90% indicated that it was not possible for LUNC to reach the speculated price level of $119.18.
In addition, the crypto analyst emphasized that for LUNC to reach a market price of $1 per token, it would require a market value estimated at $6.9 billion, resulting in a tremendous increase of 1,765% from its current market value of $369,941,680.
Rex stated that reducing LUNC’s circulating supply by burning or staking over 90% of it would be a remarkable achievement, bringing the estimated token supply down to 690 billion.
With a token supply of 690 billion, Rex shared that it became easier to approach the selling price of $0.01 per token for LUNC, which would correspond to a market value of $6.9 billion, as mentioned above.
Interestingly, an upward move towards the $0.01 price level could mean an approximate price increase of 15,510% from the current price of $0.00006410 for LUNC at the time of writing.
Meanwhile, Rex also shared the need to increase the burning rate of LUNC, stating that despite having a 15% stake rate, the burning process has hardly reduced the supply so far.
We currently have a stake rate of approximately 15%, and despite intensive efforts, the burning process has hardly reduced the supply so far.
Rex also mentioned the progress made in burning USTC, stating that the progress made so far has not been significant and further work is needed to achieve reasonable progress.
As a suggestion to help develop a significant burning rate for both USTC and LUNC, Rex proposed the development of a swap mechanism like LUNC – USTC2.
Rex also highlighted the need to explore other possible ways to develop Terra Classic and LUNC as a whole, making the LUNC ecosystem more attractive and easier to build upon. He also expressed his belief that this would increase the value of LUNC.